QUESTIONS 1 THROUGH 18 RELATE TO ETHICAL AND PROFESSIONAL STANDARDS.

14. Yip Wai Yin, a CFA Candidate, is an independent mutual fund sales agent. For every front-end

load product she promotes, Yip receives a portion of the front-end fee as commission, at the

time of sale. For every back-end load fund she sells, Yip receives a smaller commission paid at

the end of the year. Yip always informs her clients she is paid a commission as an agent, but

does not provide details of the compensation structure. When pitching her favored front-end

load product line she tells clients 20% of her commission is always invested in the same fund as

proof of her confidence in the fund she recommends. Which CFA Code of Standards with regard

to Conflicts of Interest does Yip least likely violate?

A. Referral Fees.

B. Disclosure of Conflicts.

C. Priority of Transactions.